Mueller Industries, Inc. $MLI Stock Acquired by Baker Ellis Asset Management LLC

Baker Ellis Asset Management LLC boosted its holdings in shares of Mueller Industries, Inc. (NYSE:MLI) by 100.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 103,132 shares of the industrial products company’s stock after acquiring an additional 51,566 shares during the quarter. Baker Ellis Asset Management LLC’s holdings in Mueller Industries were worth $6,251,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. BlackRock Inc. purchased a new stake in Mueller Industries in the second quarter valued at approximately $1,437,555,000. William Blair Investment Management LLC purchased a new stake in shares of Mueller Industries during the second quarter worth approximately $244,156,000. Bank of New York Mellon Corp acquired a new stake in shares of Mueller Industries in the 2nd quarter valued at $131,286,000. Pictet Asset Management Holding SA lifted its holdings in Mueller Industries by 136.5% during the 1st quarter. Pictet Asset Management Holding SA now owns 1,674,939 shares of the industrial products company’s stock worth $185,561,000 after buying an additional 966,840 shares during the last quarter. Finally, Jupiter Topco LLC acquired a new stake in shares of Mueller Industries during the 2nd quarter worth about $95,120,000. 94.50% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Mueller Industries news, CEO Gregory L. Christopher sold 200,000 shares of the company’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $68.44, for a total transaction of $13,688,000.00. Following the completion of the sale, the chief executive officer directly owned 1,598,850 shares in the company, valued at $109,425,294. This represents a 11.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director John B. Hansen sold 1,000 shares of the stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $68.13, for a total transaction of $68,130.00. Following the sale, the director directly owned 29,000 shares of the company’s stock, valued at approximately $1,975,770. This trade represents a 3.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 275,444 shares of company stock valued at $18,885,398. Insiders own 2.30% of the company’s stock.

Mueller Industries Stock Down 1.3%

MLI stock traded down $0.81 on Wednesday, reaching $60.70. 1,191,194 shares of the company’s stock were exchanged, compared to its average volume of 1,514,363. The stock has a fifty day moving average of $62.88 and a 200-day moving average of $63.41. The firm has a market cap of $13.43 billion, a PE ratio of 15.81 and a beta of 1.08. Mueller Industries, Inc. has a twelve month low of $48.79 and a twelve month high of $71.12.

Mueller Industries (NYSE:MLI) last released its quarterly earnings data on Tuesday, July 21st. The industrial products company reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.04. The firm had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.27 billion. Mueller Industries had a net margin of 18.25% and a return on equity of 25.68%. The firm’s revenue was up 25.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.96 earnings per share.

Mueller Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Friday, September 4th were paid a $0.1750 dividend. This represents a $0.70 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend was Friday, September 4th. Mueller Industries’s dividend payout ratio (DPR) is presently 18.23%.

Wall Street Analyst Weigh In

MLI has been the subject of several recent analyst reports. Northcoast Research upgraded shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 price objective for the company in a research report on Thursday, July 16th. Wall Street Zen cut Mueller Industries from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 25th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a report on Friday, July 17th. Two analysts have rated the stock with a Buy rating. According to data from MarketBeat.com, Mueller Industries has a consensus rating of “Buy” and a consensus target price of $75.00.

Mueller Industries Company Profile

Mueller Industries, Inc manufactures and distributes products made from copper, brass, aluminum, steel and plastic. Its product portfolio includes copper and plastic pipe, fittings, valves, plumbing components, refrigeration and air-conditioning tubing, heat-transfer products, and other fabricated metal products.

The company serves residential, commercial, industrial and infrastructure markets. Its products are used in plumbing, heating, ventilation and air-conditioning systems, refrigeration, fire protection, water distribution, and various industrial applications.